Markets Now
National reporter Michelle Rook talks daily with industry analysts to break down crop and livestock commodity markets. Listen below to learn what’s happening with the markets when they open, at midday and again at close.
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Grain and livestock futures all end lower in a risk off day according to Rich Nelson of Allendale. What triggered it and is this topping action in the grain markets?
Live cattle mixed early digesting last week’s record cash but will eventually make new contract highs says Brad Kooima of Kooima Kooima Varilek. Hogs try to bounce. Corn and soybeans struggle with planting progress.
Wheat makes new highs for the move and then ends well off its highs. DuWayne Bosse, Bolt Marketing, says the trend is still higher but the bull will need to be fed with more bullish news to keep going.
Wheat ends higher put off highs, so is the market getting tired? DuWayne Bosse, Bolt Marketing, says the global crop concerns may be priced in. Meanwhile soybeans fall and pull corn down.
Ever.Ag Insights president Phil Plourd, says “It is a street fight, in terms of figuring out ways to stay relevant, to get more productive, to stay ahead of the curve to manage risk better.”
Wheat makes new highs for the move on Russia crop concerns, while corn and soybeans struggle. Cattle are mostly higher after the COF, with hogs making new lows. Randy Martinson, Martinson Ag, has more.
Garrett Toay, AgTrader Talk, says the seasonal highs for corn usually come in the third week of June. However, with funds nearly flat the big determinant of future direction will be weather and the June Acreage Report.
Gulke says, all of the winter predictions for the grain and oilseed market haven’t come true. “So suddenly we’ve kind of turned upside down to where conventional wisdom was almost 98% wrong.,” he says.
Grains end mostly higher Friday with pre-holiday trade but also holding weather premium. Cattle traded mostly lower ahead of the COF Report despite some record cash in the North. Garrett Toay, AgTraderTalk, has more.
Cattle futures fade the record high cash trade on caution ahead of the Cattle on Feed Report. Hogs still searching for a low. Grains chop pre-holiday eyeing weather. Scott Varilek, Kooima Kooima Varilek, has more.